Senate Leader Schumer Embraces Crypto Industry

Senate Majority Leader Chuck Schumer (D-NY) is the latest senior politician to embrace the crypto industry, speaking yesterday at the virtual campaign event: “Crypto4Harris”. Schumer’s remarks cap a successful streak in Washington that has seen major legislative wins and a series of heavyweight politicians, including former President Trump, lining up behind the industry.

• Punchbowl News notes: “Schumer’s words may be the friendliest we’ve ever heard from a Democrat as senior as Schumer,” adding: “From any angle you look at it, Schumer’s remarks should be remembered as a significant moment for the crypto sector.”
• Schumer said: “It’s not an elite thing. An estimated 20% of Americans use these assets, and this will only grow in size and scale. I believe that Congress has a responsibility to provide common sense and sound regulation on crypto... My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen.”
• In May, the crypto industry won two significant battles in Congress. First, the House passed legislation that would create a regulatory regime tailored for crypto. Second, the House passed passed a resolution that would repeal Securities and Exchange Commission crypto guidance.
• On July 27, Trump appeared at the annual Bitcoin Convention in Nashville, where he promised to ensure America becomes “the crypto capital of the planet and bitcoin superpower of the world.”